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Wednesday, February 21, 2024

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Ethereum Regains Strength, Showing Early Signs of Fresh Rally

Ethereum started a fresh increase after it remained stable near $1,000 against the US Dollar. ETH could rise further above the $1,150 resistance zone.

Ethereum gained strength for a move above the $1,080 and $1,100 levels.
The price is now trading above $1,100 and the 100 hourly simple moving average.
There was a break above a key contracting triangle with resistance near $1,075 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise if there is a move above the $1,150 resistance zone.

Ethereum Price Gains Pace
Ethereum remained stable above the $1,000 support and there was no downside break. As a result, a base was formed and the price started a decent increase.
The price was able to clear a couple of key hurdles near the $1,070 zone. There was a break above a key contracting triangle with resistance near $1,075 on the hourly chart of ETH/USD. The price even tested the 61.8% Fib retracement level of the key drop from the $1,235 swing high to $997 low.
Ether price traded as high as $1,158 and trading well above the 100 hourly simple moving average. It is also well above the 23.6% Fib retracement level of the recent increase from the $1,025 swing low to $1,158 high.

Source: ETHUSD on TradingView.com
An immediate resistance on the upside is near the $1,150 level. The next major resistance is near the $1,180 zone, above which the price may perhaps clear the $1,200 resistance. In the stated case, the price could rise towards the $1,250 resistance. Any more gains might send the price towards the $1,300 zone.
Fresh Decline in ETH?
If ethereum fails to rise above the $1,150 resistance, it could start a downside correction. An initial support on the downside is near the $1,125 zone.
The next major support is near the $1,090 zone and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the recent increase from the $1,025 swing low to $1,158 high. A downside break below the $1,090 support may perhaps put pressure on the bulls in the near term. The next major support sits near $1,060.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 50 level.
Major Support Level – $1,125
Major Resistance Level – $1,090

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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